Samsung Puts Focus on Contactless Payments With New Platform

By | March 24, 2017

Samsung Electronics has launched something it calls the Contactless Companion Platform, which will have a focus making contactless payments a reality using a smart card, wristband, key fob, or even a mechanical watch or a smart ring.

Samsung has partnered with Smartlink and Ingenico on the platform, according to a press release.

The platform features what Samsung calls a unique digital cash top up concept that enables users to add funds to an account associated with the contactless device. Money top up can be done in app (Android and iOS), PC and point-of-sale terminals, according to the announcement.

The platform can also easily combine digital cash payments with loyalty points, vouchers, travel cards, ticketing and more, enabling users to pool a variety of contactless services in a few inconspicuous devices of their choice.

“The Contactless Companion Platform exemplifies the coming together of Samsung’s strong engagement with the security industry and its commitment to enhancing the quality of day-to-day life through innovative technology concepts,” Jörg Suchy, associate director business development LSI for Samsung Semiconductor Europe, said in a statement. “Current contactless payment solutions aren’t considered a serious alternative to cash in many scenarios. CCP, however, takes the industry well beyond the many boundaries of what exists today.”

Source: Mobile Payments Today